27 July 2014
Sir, as per the Union budget 2014-15, the hon'ble finance minister has proposed to the applicability of IND AS, as per the headline is running in the highlights segment of ICAI website, i.e, www.icai.org which says as "ICAI welcomes the announcement for implementation of the Indian Accounting Standards (Ind AS) by Indian companies in the Union Budget 2014-15."
Sir, in this regard i would like to ask that , 1.)Will the IND AS would be applicable for the final course, in may 2015 examinations? and 2.)Please let me know that whether the institute has adopted these changes in there course for the final course?
27 July 2014
I will start with answering your 2nd Question.
2) No changes has been made in the final course incorporating the IND AS. 1) Dont think IND AS will be applicable for May 2015 since no notification has been issued by ICAI in this regard and it is also highly unlikely that IND AS will be incorporated for May 15 exams.
As per the announcement in Union Budget--
Indian companies will have to adopt the new Indian Accounting Standards (Ind AS) voluntarily from F.Y 2015-16 and on a mandatory basis from F.Y 2016-17.
So at best IND AS will come into force from 01.04.2015 just one month before CA exams. So it is unlikely to be applicable for May 2015 exam.
All stakeholders are hereby informed that the Ministry of Corporate Affairs has notified Roadmap for applicability of Indian Accounting Standards (Ind AS) for compliance by the class of companies specified in the said roadmap. The notification has been uploaded on www.mca.gov.in along with the thirty nine (39) Indian Accounting Standards (Ind AS).Companies which are not required to follow Indian Accounting Standards (Ind AS) shall continue to comply with Accounting Standards as prescribed in Companies (Accounting Standards) Rules, 2006.
Read more at: https://www.caclubindia.com/forum/breaking-news-roadmap-for-applicability-of-ind-as-notified--320570.asp#.VObnEvyqqko
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